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Registration number: 09731311

T & A Land Associates Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

T & A Land Associates Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

T & A Land Associates Ltd

(Registration number: 09731311)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

34,034

45,848

Current assets

 

Debtors

5

1,644,227

4,639,526

Cash at bank and in hand

 

1,992

2,721

 

1,646,219

4,642,247

Creditors: Amounts falling due within one year

6

(149,845)

(2,572,146)

Net current assets

 

1,496,374

2,070,101

Total assets less current liabilities

 

1,530,408

2,115,949

Creditors: Amounts falling due after more than one year

6

(9,504)

(19,780)

Provisions for liabilities

-

(8,711)

Net assets

 

1,520,904

2,087,458

Capital and reserves

 

Called up share capital

102

102

Retained earnings

1,520,802

2,087,356

Shareholders' funds

 

1,520,904

2,087,458

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

T & A Land Associates Ltd

(Registration number: 09731311)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 

.........................................
A T Pierce
Director

 

T & A Land Associates Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6
Manor Road
Marston Trading Estate
Frome
Somerset
BA11 4BN
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

T & A Land Associates Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Plant and Equipment

25% Reducing Balance

Computer Equipment

25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

T & A Land Associates Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

 

T & A Land Associates Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

89,025

38,990

128,015

At 31 August 2023

89,025

38,990

128,015

Depreciation

At 1 September 2022

59,626

22,541

82,167

Charge for the year

7,702

4,112

11,814

At 31 August 2023

67,328

26,653

93,981

Net book value

At 31 August 2023

21,697

12,337

34,034

At 31 August 2022

29,399

16,449

45,848

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

1,347,025

4,617,080

Amounts owed by related parties

8

285,502

15,000

Other debtors

 

11,700

7,297

Prepayments

 

-

149

 

1,644,227

4,639,526

 

T & A Land Associates Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

6

Creditors

Amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

10,276

19,426

Trade creditors

 

97

2,227

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

-

2,295,199

Taxation and social security

 

1,137

715

Accruals and deferred income

 

2,710

2,525

Other creditors

 

135,625

112,658

Corporation tax

 

-

139,396

 

149,845

2,572,146

Amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

9,504

19,780

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

9,504

19,780

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

10,276

19,426

 

T & A Land Associates Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

8

Related party transactions

Summary of transactions with entities with joint control or significant interest

The company owes £ 0 (2022 - £2,295,199) to a company which is controlled by the directors of T & A Associates Ltd.

The company is owed £285,500 (2022 - £15,000) by a company which one of the directors has a controlling interest.

During the year the company paid management charges and contracting fees amounting to £51,000 to a company which one of the directors has a controlling interest. The balance outstanding at the year end is £ 0.